New York-based Safehold Inc. is acquiring the existing ground lease under the Alohilani Resort in Waikiki Beach for $195 million. The transaction represents its first investment in Hawaii.

The 839-key property at 2490 Kalakaua Ave. is located across from Waikiki Beach on Oahu, with views of the iconic Diamond Head and the Pacific Ocean. The hotel completed a $115-million rebranding and redevelopment last year. Property amenities include an infinity pool, a 280,000-gallon oceanarium and two on-site restaurants by “Iron Chef” Masaharu Morimoto.

Separately, the subsidiary REIT of iStar also finalized a 55/45 joint venture agreement with a sovereign wealth fund in anticipation of its previously announced 425 Park Ave. ground lease acquisition in New York. Upon closing, Safehold’s 55% investment interest will total roughly $340 million. Pro forma for the addition of Alohilani and its share of 425 Park, Safehold’s total portfolio will grow to approximately $1.9 billion.